Dogecoin (DOGE) has dropped 7% in the past 24 hours, as short-term investors take profits. Data shows that the realized profit and loss ratio of Dogecoin has skyrocketed—indicating intensified selling by short-term holders, temporarily weakening market confidence, leading to downward pressure on the price, which has broken below the key resistance level of $0.245. If the price further falls below $0.220, it may test $0.198.
However, long-term holders remain steadfast, with a decline in activity indicators showing stable positions, indicating that the assets they hold remain solid. Historically, this has often played a buffering role during pullbacks, potentially preventing further price declines.
Dogecoin's current trading price is $0.233, below the resistance level of $0.245. If the price falls below $0.220, it may further decline to $0.198. However, if it can recover the support level of $0.245, momentum will shift back in favor of Dogecoin, with a target price potentially at $0.268—provided that long-term holders continue to hold and selling pressure eases.
Currently, Dogecoin's trading price is close to $0.2393, up 31% over the past week, outperforming Bitcoin, Ethereum, Ripple, and Shiba Inu—once again confirming its trend of outpacing leading tokens in a bull market.
Despite short-term fluctuations, Dogecoin has risen 31% over the past week, outperforming Bitcoin, Ethereum, Ripple, and Shiba Inu, continuing its trend of outpacing mainstream tokens in a bull market. Technical indicators show that the RSI has fallen from Monday's high of 85 to 62, indicating a buildup of selling momentum, but the trend may still continue.
The current price pullback is seen as a normal adjustment for traders to lock in profits, helping the price return to reasonable levels and laying a foundation for stable upward growth in the future. If the price converges with the 30-day moving average and long-term holders continue to support, Dogecoin is expected to challenge $0.50 by the end of summer.
Additionally, the utility of Dogecoin continues to improve, with Tesla accepting DOGE payments and the integration of PayPal and Revolut further expanding its real-world applications. If the price regains the $0.245 support level, a short-term target price of $0.268 is possible, but it requires easing of selling pressure as a prerequisite.
